%20said%20on%20Thursday%20that%20falling%20crude%20oil%20prices%20and%20decreased%20oil%20exports%20caused%20a%20$3.2%20billion%20decline%20in%20Russia's%20oil%20profits%20to%20$15.3%20billion%20for%20September,%20the%20country's%20lowest%20monthly%20oil%20export%20revenue%20this%20year./pp%20style=font-weight:%20400;According%20to%20the%20IEA's%20Oil%20Market%20Report,%20which%20was%20released%20today,%20the%20total%20amount%20of%20crude%20oil%20and%20oil%20product%20exports%20from%20Russia%20decreased%20by%20230,000%20barrels%20per%20day%20(bpd)%20to%207.5%20million%20bpd%20in%20September.%20The%20organization%20calculated%20that%20Russia's%20oil%20exports%20in%20September%20were%20560,000%20bpd%20lower%20than%20they%20were%20before%20the%20start%20of%20the%20war%20with%20Ukraine.%20According%20to%20the%20IEA's%20figures,%20Russian%20oil%20exports%20to%20the%20European%20Union%20decreased%20by%20390,000%20bpd%20in%20September%20compared%20to%20August./pp%20style=font-weight:%20400;The%20agency%20said:%20“With%20less%20than%20two%20months%20to%20go%20before%20a%20ban%20on%20Russian%20crude%20oil%20imports%20comes%20into%20effect,%20EU%20countries%20have%20yet%20to%20diversify%20more%20than%20half%20of%20their%20pre-war%20import%20levels%20away%20from%20Russia.”/pp%20style=font-weight:%20400;Despite%20experiencing%20the%20year's%20lowest%20oil%20revenue%20in%20September,%20the%20IEA%20stated%20in%20its%20monthly%20report%20that%20Russia's%20earnings%20were%20still%20higher%20than%20the%20average%20monthly%20revenue%20in%202021,%20which%20was%20estimated%20to%20be%20$14.9%20billion./pp%20style=font-weight:%20400;The%20IEA,%20however,%20cautioned%20that%20more%20production%20losses%20from%20Russia%20may%20result%20from%20the%20EU%20embargo%20on%20imports%20of%20crude%20oil%20from%20that%20country%20and%20the%20prohibition%20on%20marine%20services,%20both%20of%20which%20take%20effect%20in%20early%20December./pp%20style=font-weight:%20400;Deputy%20Prime%20Minister%20Alexander%20Novak%20and%20President%20Vladimir%20Putin%20have%20both%20stated%20that%20Russia%20will%20not%20export%20oil%20to%20nations%20that%20agree%20to%20the%20planned%20cap%20on%20the%20price%20of%20Russian%20oil./p){kind=link}
The International Energy Agency (IEA) said on Thursday that falling crude oil prices and decreased oil exports caused a $3.2 billion decline in Russia’s oil profits to $15.3 billion for September, the country’s lowest monthly oil export revenue this year.
According to the IEA’s Oil Market Report, which was released today, the total amount of crude oil and oil product exports from Russia decreased by 230,000 barrels per day (bpd) to 7.5 million bpd in September. The organization calculated that Russia’s oil exports in September were 560,000 bpd lower than they were before the start of the war with Ukraine. According to the IEA’s figures, Russian oil exports to the European Union decreased by 390,000 bpd in September compared to August.
The agency said: “With less than two months to go before a ban on Russian crude oil imports comes into effect, EU countries have yet to diversify more than half of their pre-war import levels away from Russia.”
Despite experiencing the year’s lowest oil revenue in September, the IEA stated in its monthly report that Russia’s earnings “were still higher than the average monthly revenue in 2021,” which was estimated to be $14.9 billion.
The IEA, however, cautioned that more production losses from Russia may result from the EU embargo on imports of crude oil from that country and the prohibition on marine services, both of which take effect in early December.
Deputy Prime Minister Alexander Novak and President Vladimir Putin have both stated that Russia will not export oil to nations that agree to the planned cap on the price of Russian oil.